Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the market liquidity overview of various sectors on July 31, 2025, including trading volume, holding amount, and trading - holding ratio, along with their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report shows multiple figures related to plate liquidity, such as the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate, with data sources from Flush and Huatai Futures Research Institute [4][8] II. Stock Index Plate - On July 31, 2025, the stock index plate had a trading volume of 751.635 billion yuan, a +12.67% change from the previous trading day; the holding amount was 1138.644 billion yuan, a -2.24% change; the trading - holding ratio was 65.46%. There are also figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the stock index plate [1][5] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 411.459 billion yuan, a -20.52% change; the holding amount was 867.472 billion yuan, a -1.07% change; the trading - holding ratio was 48.36%. Figures display the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the treasury bond plate [1][5] IV. Basic Metals and Precious Metals (Metal Plate) - The basic metals plate had a trading volume of 603.644 billion yuan, a +4.67% change; the holding amount was 491.372 billion yuan, a -5.10% change; the trading - holding ratio was 143.13%. The precious metals plate had a trading volume of 439.339 billion yuan, a +40.27% change; the holding amount was 440.018 billion yuan, a -0.95% change; the trading - holding ratio was 140.02%. Figures show the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the metal plate [1][5] V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 510.154 billion yuan, a -14.65% change; the holding amount was 419.437 billion yuan, a -2.55% change; the trading - holding ratio was 110.68%. Figures present the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the energy and chemical plate [1][5] VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 323.950 billion yuan, a -3.95% change; the holding amount was 568.175 billion yuan, a -1.57% change; the trading - holding ratio was 52.80%. Figures show the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the agricultural products plate [1][5] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 546.968 billion yuan, a -28.62% change; the holding amount was 378.365 billion yuan, a -6.52% change; the trading - holding ratio was 144.74%. Figures display the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the black building materials plate [2][5]

Report Industry Investment Rating - The investment ratings for cotton, sugar, and paper pulp are all neutral [4][7][10] Core Viewpoints - The global cotton market in the 25/26 season will be in a pattern of loose supply, and the price of US cotton futures is expected to continue to fluctuate in the second half of the year. The price of Zhengzhou cotton is restricted by various factors, and the price will be under pressure in the medium and long term [3] - The global sugar market may still be in a production - increasing cycle, suppressing the long - term price of ICE raw sugar. The price of Zhengzhou sugar is supported by low domestic industrial inventory, but the upper space is limited, and the price will face downward pressure in the new season [7] - The supply of paper pulp in the second half of the year still has pressure, and the improvement of terminal demand is limited. The pulp price is difficult to break away from the bottom in the short term [9] Market News and Important Data Cotton - The closing price of the cotton 2509 contract was 13,650 yuan/ton, a change of - 105 yuan/ton (- 0.76%) from the previous day. The Xinjiang arrival price of 3128B cotton was 15,213 yuan/ton, a change of - 130 yuan/ton, and the national average price was 15,325 yuan/ton, a change of - 145 yuan/ton [1] Sugar - The closing price of the sugar 2509 contract was 5793 yuan/ton, a change of - 11 yuan/ton (- 0.19%) from the previous day. The spot price of sugar in Nanning, Guangxi was 6030 yuan/ton, a change of - 20 yuan/ton, and in Kunming, Yunnan was 5900 yuan/ton, a change of - 15 yuan/ton [5] Paper Pulp - The closing price of the paper pulp 2509 contract was 5232 yuan/ton, a change of - 94 yuan/ton (- 1.76%) from the previous day. The spot price of Chilean Silver Star softwood pulp in Shandong was 5900 yuan/ton, a change of - 40 yuan/ton, and the price of Russian softwood pulp was 5270 yuan/ton, a change of - 70 yuan/ton [7] Market Analysis Cotton - Internationally, the global cotton market in the 25/26 season will be in a loose supply pattern. The US cotton futures price is expected to fluctuate in the second half of the year. Domestically, the inventory is expected to be tight before the new cotton is listed, but there are many factors restricting the continuous rise of Zhengzhou cotton, and the price will be under pressure in the fourth quarter [3] Sugar - The global sugar market may be in a production - increasing cycle, suppressing the long - term price of ICE raw sugar. The short - term price has support factors, and there may be a phased rebound. The price of Zhengzhou sugar is supported by low domestic inventory, but the upper space is limited, and the price will face downward pressure in the new season [7] Paper Pulp - The supply of paper pulp in the second half of the year still has pressure, and the demand improvement in the second half of the year is limited. It is necessary to pay attention to whether the demand can pick up in the fourth quarter [9] Strategies Cotton - Be neutral. Zhengzhou cotton is expected to be under pressure in the short term [4] Sugar - Be neutral. The short - term price of Zhengzhou sugar is expected to fluctuate in a range, and the long - term trend should be considered bearish [7] Paper Pulp - Be neutral. It is recommended to pay attention to short - selling opportunities at high levels after the end of macro - stimulation [10]

尿素日报 | 2025-08-01 农需追肥结束，尿素基本面偏弱 市场分析 价格与基差：2025-07-31，尿素主力收盘1714元/吨（-28）；河南小颗粒出厂价报价：1780 元/吨（0）；山东地区小 颗粒报价：1770元/吨（+0）；江苏地区小颗粒报价：1780元/吨（-10）；小块无烟煤750元/吨（+0），山东基差：56 元/吨（+28）；河南基差：66元/吨（+28）；江苏基差：66元/吨（+18）；尿素生产利润240元/吨（+0），出口利润1060 元/吨（+0）。 供应端：截至2025-07-31，企业产能利用率83.60%（0.08%）。样本企业总库存量为91.73 万吨（+5.85），港口样本 库存量为49.30 万吨（-5.00）。 需求端：截至2025-07-31，复合肥产能利用率38.68%（+5.10%）；三聚氰胺产能利用率为63.50%（-1.70%）；尿素 企业预收订单天数6.12日（+0.18）。 当前宏观氛围转弱，拖累盘面下行。尿素基本面偏弱，仍处于弱现实。需求端走弱，农业需求追肥结束，工业需 求复合肥开工提升缓慢。煤制装置夏季检修季，部分工厂开工率有所下滑，但整体供应量依 ...

Report Industry Investment Rating - Unilateral: Neutral; Inter - term: 09 - 01 reverse spread; Cross - variety: None [3] Core View of the Report - The previous macro - level positive factors have been digested, market sentiment has weakened, and the trading atmosphere is poor. The polyolefin market has entered a correction phase. The upstream petrochemical plants are in the maintenance season, with high maintenance losses, which eases the market supply pressure and leads to a slight reduction in production inventory. The international oil price and propane price are weakly sorted. The production profit of PDH - made PP is acceptable, and its开工 rate is relatively high, while the cost - side support is weak. Downstream demand remains in the seasonal off - season, with the start - up of agricultural film at the bottom and rising, the start - up of plastic weaving decreasing, and other downstream starts remaining stable, mainly for rigid - demand procurement [2] Summary by Relevant Catalogs Market News and Important Data - **Prices and Basis**: The closing price of the L main contract is 7350 yuan/ton (- 37), the closing price of the PP main contract is 7118 yuan/ton (- 27), the LL spot price in North China is 7290 yuan/ton (- 10), the LL spot price in East China is 7370 yuan/ton (+ 0), the PP spot price in East China is 7080 yuan/ton (- 20), the LL basis in North China is - 60 yuan/ton (+ 27), the LL basis in East China is 20 yuan/ton (+ 37), and the PP basis in East China is - 38 yuan/ton (+ 7) [1] - **Upstream Supply**: The PE start - up rate is 81.1% (+ 2.1%), and the PP start - up rate is 76.9% (+ 0.0%) [1] - **Production Profits**: The PE oil - made production profit is - 44.6 yuan/ton (- 35.4), the PP oil - made production profit is - 554.6 yuan/ton (- 35.4), and the PDH - made PP production profit is 432.7 yuan/ton (+ 0.7) [1] - **Imports and Exports**: The LL import profit is 23.3 yuan/ton (+ 21.0), the PP import profit is - 441.0 yuan/ton (+ 44.2), and the PP export profit is 22.3 US dollars/ton (- 10.1) [1] - **Downstream Demand**: The PE downstream agricultural film start - up rate is 12.6% (+ 0.0%), the PE downstream packaging film start - up rate is 48.7% (+ 0.6%), the PP downstream plastic weaving start - up rate is 41.1% (- 0.1%), and the PP downstream BOPP film start - up rate is 60.8% (+ 0.0%) [1] Market Analysis - The previous macro - level positive factors have been digested, and the market sentiment has weakened. Polyolefin markets are in a correction phase due to the high maintenance losses during the upstream petrochemical plant maintenance season, which eases supply pressure with a slight reduction in production inventory. The cost - side support is weak, and downstream demand is in the seasonal off - season [2] Strategy - Unilateral: Neutral; Inter - term: 09 - 01 reverse spread; Cross - variety: None [3]

Report Industry Investment Rating - The investment strategy for both the bean meal and corn sectors is cautiously bearish [3] Core Viewpoints - The bean meal futures price showed a weak oscillation. The weather in the main soybean - producing areas of the United States is favorable, and the soybean growth is expected to remain good. Macro - factors are significantly disturbing, and the Sino - US trade relationship is expected to improve. Domestically, the supply of bean meal remains loose due to high soybean arrivals and rising inventory. Attention should be paid to the new - season US soybean planting, Argentine bean meal imports, and policy changes [2] - The corn futures price had a narrow - range oscillation. Domestically, on the supply side, after the digestion of negative factors, the shipments of traders have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient inventories. The impact of imported corn auctions on the market has weakened. Attention should be paid to the growth of new - season corn [5] Summary According to the Directory Bean Meal Market News and Important Data - Futures: The closing price of the bean meal 2509 contract was 3000 yuan/ton, a decrease of 10 yuan/ton (- 0.33%) from the previous day. Spot: The spot price of bean meal in Tianjin was 2950 yuan/ton, up 10 yuan/ton from the previous day; in Jiangsu, it was 2870 yuan/ton, unchanged; in Guangdong, it was 2860 yuan/ton, unchanged. Consultancy Datagro predicts that Brazil's soybean production in the 2025/26 season will reach a record 183 million tons, while USDA predicts 175 million tons [1] Market Analysis - The bean meal futures price was weakly oscillating. The good weather in the US soybean - producing areas is beneficial to soybean growth. Macro - factors are disturbing, and the Sino - US trade relationship is expected to improve. Domestically, the supply of bean meal remains loose due to high soybean arrivals and rising inventory. Future attention should be paid to the new - season US soybean planting, Argentine bean meal imports, and policy changes [2] Strategy - Cautiously bearish [3] Corn Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2288 yuan/ton, a decrease of 24 yuan/ton (- 1.04%) from the previous day; the corn starch 2509 contract was 2660 yuan/ton, down 23 yuan/ton (- 0.86%). Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2720 yuan/ton, unchanged. As of July 30, 2025/26, Ukraine's grain exports were 1297000 tons, with 613000 tons of corn and 191000 tons of barley. In the 2024/25 season, Ukraine exported 40.6 million tons of grain. Brazil's corn exports in July 2025 are expected to be 4.18 million tons, and the full - year export is expected to reach 42 million tons [3][4] Market Analysis - The corn futures price had a narrow - range oscillation. On the supply side, after the digestion of negative factors, the shipments of traders have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient inventories. The impact of imported corn auctions on the market has weakened. Attention should be paid to the growth of new - season corn [5] Strategy - Cautiously bearish [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The top of the August contract freight rate has emerged, with the current estimated SCFIS between 2300 - 2400 points on August 4th and 11th, and the delivery settlement price of the August contract is the arithmetic average of SCFIS on 8/11, 8/18, and 8/25. The freight rate decline slope in August is greater than previously expected, and the delivery settlement price of the August contract has been revised down to between 2100 - 2200 points [3]. - The October contract is mainly for short - allocation during the off - season, and subsequent focus is on the freight rate decline slope, with large expected fluctuations. Normally, the price in October is 20% - 30% lower than that in August [4]. - The peak - off - peak season pattern still exists in the December contract, and the risk lies in whether the Suez Canal will resume navigation. In normal years, the Far East - Europe price in December is generally more than 10% higher than that in October [5]. - The strategy includes a volatile main contract for the unilateral approach, and for the arbitrage, it is to go long on the December contract and short on the October contract, and short the October contract on rallies [7]. 3. Summary by Directory 3.1 Futures Prices - As of July 31, 2025, the total open interest of all contracts of the container shipping index for the European route futures is 75,266.00 lots, and the single - day trading volume is 56,182.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are 1484.70, 1324.10, 1462.50, 2121.60, 1425.10, and 1692.30 respectively [6]. 3.2 Spot Prices - On July 25, 2025, the SCFI (Shanghai - Europe route) price is 2090.00 dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price is 2067.00 dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price is 3378.00 dollars/FEU. On July 28, the SCFIS (Shanghai - Europe) is 2316.56 points, and the SCFIS (Shanghai - West Coast of the United States) is 1284.01 points [6]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of July 27, 2025, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU. Among them, 49 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 737,300 TEU; 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [6]. - The average weekly capacity on the China - European base port route in August is 303,200 TEU, and in September it is 289,800 TEU. There are 4 blank sailings in August, all from the OA alliance, and there are currently 5 TBNs in August; there are currently 3 TBNs in September [2]. - Maersk added an extra - sailing ship Beijing Maersk (15,780 TEU) in Week 32 and Maersk Emden (13,092 TEU) in Week 35, and the schedule of Maersk Emden has been released, with a call at Shanghai Port on August 26 [2]. 3.4 Supply Chain - The US Middle East envoy Witkoff visited Israel on the 31st local time and met with Israeli Prime Minister Netanyahu to discuss issues such as the Gaza cease - fire agreement, the current humanitarian situation in Gaza, and the Iranian nuclear issue. Witkoff also plans to go to Gaza [2]. 3.5 Demand and European Economy No specific content directly related to demand and European economy analysis is provided other than some data graphs mentioned in the report.

宏观情绪降温，关注成本端走势 市场要闻与数据 1、国内外重要会议告一段落，部分内容表述略不及市场预期，市场情绪有所回落。 2、国家统计局数据显示7月份制造业PMI为49.3%，环比下降0.4%，制造业景气水平有所回落，对市场情绪产生一 定影响; 市场分析 化工日报 | 2025-08-01 成本端，地缘局势有再度扰动油价，特朗普缩短对俄罗斯宽限时间，二级制裁引发市场对俄罗斯原油供应中断担 忧。同时特朗普警告伊朗不要重启核设施否则可能会再次发动轰炸，中东隐忧再起也支持油价反弹；但基本面方 面EIA数据显示美国原油及成品油均累库，供需面不佳。 PX方面，上上个交易日PXN258美元/吨(环比变动-10.05美元/吨）。近期亚洲PX负荷基本持稳，基本面变化不大， 市场主要交易宏观情绪。PX延续低库存格局，但缺乏更多利好下现货浮动价持稳，在需求端没有明显利空的情况 下，考虑到新PTA装置对PX的刚需采购，PXN下方有支撑，关注宏观以及原油走势。 TA方面，TA主力合约现货基差 -15 元/吨(环比变动-5元/吨），PTA现货加工费176元/吨（环比变动+8元/吨），主力 合约盘面加工费374元/吨（环比变动-15元/ ...

山东主力下游采购价下调，烧碱承压运行 市场要闻与重要数据 氯碱日报 | 2025-08-01 PVC: 期货价格及基差：PVC主力收盘价5041元/吨（-118）；华东基差-121元/吨（-2）;华南基差-61元/吨（+58）。 现货价格：华东电石法报价4920元/吨（-120）；华南电石法报价4980元/吨（-60）。 上游生产利润：兰炭价格540元/吨（+0）；电石价格2780元/吨（+0）；电石利润58元/吨（+0）；PVC电石法生产毛 利-134元/吨（+181）；PVC乙烯法生产毛利-506元/吨（+89）；PVC出口利润-13.8美元/吨（-2.6）。 PVC库存与开工：PVC厂内库存35.7万吨（-1.0）；PVC社会库存42.7万吨（+1.6）；PVC电石法开工率74.42%（-4.79%）； PVC乙烯法开工率70.24%（+3.29%）；PVC开工率73.26%（-2.55%）。 下游订单情况：生产企业预售量79.5万吨（+9.9）。 烧碱： 期货价格及基差：SH主力收盘价2560元/吨（-53）；山东32%液碱基差34元/吨（+53）。 现货价格：山东32%液碱报价830元/吨（+0）； ...

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - Yesterday, the prices of the three major oils fluctuated. Malaysia's export data showed a slowdown in July. Although India's purchases increased, the overall inventory accumulation trend is expected to continue. The crops in the US soybean production area are growing well, with a strong expectation of a bumper harvest. Although the export data is good, its impact on the domestic market is limited [3] Group 3: Market Analysis Futures - Yesterday, the closing price of the palm oil 2509 contract was 8,900.00 yuan/ton, a decrease of 82 yuan or -0.91% compared to the previous day. The closing price of the soybean oil 2509 contract was 8,192.00 yuan/ton, a decrease of 48.00 yuan or -0.58%. The closing price of the rapeseed oil 2509 contract was 9,510.00 yuan/ton, a decrease of 111.00 yuan or -1.15% [1] Spot - In the Guangdong region, the spot price of palm oil was 8,940.00 yuan/ton, a decrease of 60.00 yuan or -0.67% compared to the previous day. The spot basis was P09 + 40.00, an increase of 22.00 yuan. In the Tianjin region, the spot price of first-grade soybean oil was 8,330.00 yuan/ton, a decrease of 40.00 yuan/ton or -0.48%. The spot basis was Y09 + 138.00, an increase of 8.00 yuan. In the Jiangsu region, the spot price of fourth-grade rapeseed oil was 9,600.00 yuan/ton, a decrease of 110.00 yuan or -1.13%. The spot basis was OI09 + 90.00, an increase of 1.00 yuan [1] Group 4: Recent Market Consultation Summary Palm Oil Exports - According to data from the shipping survey agency ITS, Malaysia's palm oil exports from July 1 - 31 were 1,289,727 tons, a decrease of 6.71% compared to the 1,382,460 tons exported in the same period last month [2] India's Palm Oil Purchases - The Indian Vegetable Oil Producers Association (IVPA) stated that as global prices decline, Indian vegetable oil importers are increasing their palm oil purchases to meet the expected surge in demand during the festival season [2] Indonesia's Palm Oil Policies - Indonesia set the reference price for crude palm oil (CPO) in August at $910.91 per ton, higher than the $877.89 in July. The new reference price means that the export tax for crude palm oil in August will be raised from $52 per ton in July to $74 per ton. Indonesia also adjusted the reference prices and export taxes in previous months, with significant fluctuations [2] US Crop Drought Conditions - According to the latest USDA drought report, as of the week ending July 29, about 5% of the US soybean planting area was affected by drought, compared to 8% in the previous week and 4% in the same period last year. About 7% of the US corn planting area was affected by drought, compared to 9% in the previous week and 4% in the same period last year. About 5% of the US cotton planting area was affected by drought, compared to 3% in the previous week and 11% in the same period last year [2]

Report Investment Ratings - Industrial Silicon: Unilateral - Neutral; Others - None [3] - Polysilicon: Unilateral - Short - term range operation; Others - None [6] Core Views - Industrial silicon futures prices dropped on July 31, 2025, and the current price is relatively reasonably valued based on fundamentals, but supply is expected to increase, and the market is affected by policies and sentiment [1][3] - Polysilicon futures prices also fell sharply on the same day, with stable spot prices. The market is mainly affected by news and capital sentiment, and the specific details of industry storage and mergers are yet to be determined [3] Market Analysis Industrial Silicon - **Futures**: On July 31, 2025, the industrial silicon futures main contract 2509 opened at 9090 yuan/ton and closed at 8760 yuan/ton, a change of - 6.26% from the previous settlement. The closing position was 212932 lots, and the number of warehouse receipts was 50644 lots, an increase of 798 lots from the previous day [1] - **Spot**: The industrial silicon spot price declined. The price of East China oxygen - passing 553 silicon was 9700 - 9900 (- 200) yuan/ton; 421 silicon was 9900 - 10400 (- 100) yuan/ton, Xinjiang oxygen - passing 553 price was 9100 - 9200 (- 200) yuan/ton, and 99 silicon price was 9000 - 9200 (- 200) yuan/ton [1] - **Production**: In July 2025, industrial silicon production was 338,300 tons, a month - on - month increase of 3.2% and a year - on - year decrease of 30.6%. From January to July 2025, the cumulative production was 2.2112 million tons, a year - on - year decrease of 20.0% [1] - **Inventory**: On July 31, the total social inventory of industrial silicon in major regions was 540,000 tons, a week - on - week increase of 5000 tons. Among them, the social ordinary warehouse inventory was 119,000 tons, a decrease of 1000 tons from the previous week, and the social delivery warehouse inventory was 421,000 tons, an increase of 6000 tons from the previous week [1] - **Consumption**: The organic silicon DMC quotation was 12100 - 12700 (0) yuan/ton, and the mainstream transaction center was around 12300 yuan/ton. The demand matching degree decreased due to sufficient raw material inventory of downstream enterprises [2] Polysilicon - **Futures**: On July 31, 2025, the polysilicon futures main contract 2509 opened at 52500 yuan/ton and closed at 49130 yuan/ton, a change of - 7.81% from the previous trading day. The position was 126989 lots, and the trading volume was 565838 lots [3] - **Spot**: The polysilicon spot price remained stable. N - type material was 44.00 - 49.00 (0.00) yuan/kg, and n - type granular silicon was 43.00 - 46.00 (0.00) yuan/kg [3] - **Inventory and Production**: Polysilicon factory inventory decreased by 5.76% month - on - month to 22.90, silicon wafer inventory increased by 1.57% month - on - month to 18.15GW. Polysilicon weekly production was 26500.00 tons, a month - on - month increase of 3.92%, and silicon wafer production was 11.00GW, a month - on - month decrease of 1.79% [5] - **Prices of Related Products**: Domestic N - type 18Xmm silicon wafers were 1.20 (0.00) yuan/piece, N - type 210mm were 1.55 (0.00) yuan/piece, N - type 210R silicon wafers were 1.35 (0.00) yuan/piece. High - efficiency PERC182 battery cells were 0.27 (0.00) yuan/W; PERC210 battery cells were about 0.28 (0.00) yuan/W; TopconM10 battery cells were about 0.30 (0.01) yuan/W; Topcon G12 battery cells were 0.28 (0.00) yuan/W; Topcon210RN battery cells were 0.28 (0.00) yuan/W. HJT210 half - cell was 0.37 (0.00) yuan/W. PERC182mm mainstream transaction price was 0.67 - 0.74 (0.00) yuan/W, PERC210mm was 0.69 - 0.73 (0.00) yuan/W, N - type 182mm was 0.68 - 0.69 (0.00) yuan/W, N - type 210mm was 0.68 - 0.69 (0.00) yuan/W [5] Strategies Industrial Silicon - Unilateral: Neutral - Others: No specific strategies [3] Polysilicon - Unilateral: Short - term range operation - Others: No specific strategies [6]